Acqua Apartments

College Housing Northwest (CHNW) purchased the Acqua Apartments, a 100-unit building in Portland’s South Waterfront area. The project was completed in 2020 and underwent foreclosure in 2024. CHNW’s acquisition preserves the building’s residential use and will result in 100 newly regulated affordable homes, a mix of studio through 3-bedroom units. The project will be targeted to serve housing-insecure post-secondary students and their families with services from CHNW. 

CHNW selected the property for its proximity to educational institutions including Oregon Health and Science University and Portland State University. Portland Community College's Sylvania campus is also accessible via a 40-50 minute bus ride or less than 7 miles by car. A portion of the units will be prioritized for nursing students to address Oregon’s healthcare worker shortage, increase clinical program graduates, and support student diversity.

Building amenities include secure bike parking spaces, below grade parking with 27 stalls, a fitness center, a rooftop terrace, and a furnished lobby that will serve as a common area. A fifth-floor kitchen and community space will be used as a student study space and for gatherings and resident programming. All units have full-size washers and dryers and stainless-steel Energy Star appliances. Vacant units will begin leasing to new tenants at or below 50% AMI starting in summer 2025, and as units turn over, each new tenant will also need to income qualify. CHNW will target lower rents (30% AMI) in a portion of the units with rent assistance from Oregon Department of Human Services and Multnomah County’s Homeless Services Department.

The Acqua is near Portland streetcar lines, the MAX orange line, the OHSU aerial tram, and protected bike lane infrastructure. It is an eight-minute walk (0.4 miles) from the South Waterfront/SW Moody MAX station and less than five minutes from the nearest bus stop. The neighborhood offers multiple food and shopping options, parks and green spaces, and proximity to downtown. 

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Building Profile